1. For the deduction of charitable contributions, which of the following may be deducted up to 100% of AGI in 2021? (Topic 7)

Question options:

	cash contributions only
	combined cash and property contributions
	long-term capital gain property contributions where the value rather than the basis of the property is deducted
	all of the above

**option b is incorrect

2. Julianne is the owner of a motel that produces a loss of $10,000 for the year. The average rental period for rooms in her motel is about three days. Julianne works about 600 hours on motel business during the year. Julianne has an AGI of $90,000.

Which of the statements below reflects the correct treatment of her loss? (Topic 8)

Question options:

	She can take the loss because her income allows her to take all $10,000 of loss under the special allowance from the passive activity loss limitations for rental real estate with active participation.
	She cannot deduct this loss because she is not a real estate professional
	The loss is deductible because this activity is a business rather than rental real estate and she materially participates.
	none of the above

**option b is incorrect

3. Tom Joad sells a limited partnership interest (without material participation) for a $900 capital gain in the current year. He has a suspended loss of $1,000 and a current year loss of $250 from this partnership interest. Which of the following describes the correct tax result in the current year? (Topic 8)

Question options:

	He will report his capital gain and he may deduct all of this losses
	He will report his gain and deduct his losses up to that amount of gain
	He will report the gain and deduct the current loss only
	None of the above

**option b is incorrect

4. Lana earns $135,000 per year as a mid-level manager. She also has some income from investment property. She has $1,000 of interest and $2,000 of dividend income. She has $3,000 of pass through income from a limited partnership interest she owns. Finally, she has a loss of $10,000 from an apartment building she owns. Although she does hire part-time help with the apartment building, she makes all management decisions for the building. Lana's adjusted gross income for the year is _____________

(Topic 8)

Question options:

	$131,000
	$141,000
	$138,000
	$132,000

**option c is incorrect